The Insolvency Service releases insolvency stats on a monthly basis.
It used to do so quarterly but the reporting is now much quicker.
In short, in September 2023 there were:
- 255 compulsory liquidations
- 1,576 creditors’ voluntary liquidations (CVLs)
- 125 administrations
- 11 company voluntary arrangements (CVAs)
But what does this mean? Well, be vigilant about any company that owes you money or you give credit to. A huge number of companies reach a formal insolvency procedure and many more may be teetering on the edge.
If your business is struggling, be sure to get early advice from an insolvency practitioner. The sooner you get advice, the greater your options may be to avoid failure.
The statistics also record personal insolvencies, which will include a mixture of sole traders and also people who become insolvent for other reasons.
#insolvency #businessadvice #bevigilant